Loans for plastic surgery are an option for those who qualify. Whether you are considering a personal loan from a credit card company or bank or a medical credit card or loan, most entities require a credit check and other financial stipulations before they will approve you for a line of credit.
Up ahead, we’ll discuss what medical loans are as well as other financing options for plastic surgery.
What Are Medical Loans for Plastic Surgery?
Loans can be confusing. From personal loans and medical loans to debt consolidation loans and secured loans, individuals who aren’t familiar with these types of financial dealings are often stupefied by their options.
Overview of Medical Loans
Medical loans for plastic surgery are financing options designed to help patients cover the cost of elective plastic surgery procedures. These loans are often available through specialized lenders who understand the nature of cosmetic surgery. They allow patients to pay for their cosmetic procedures over time instead of all at once.
Medical loans generally come with interest rates, which can vary based on the patient’s credit score, the loan amount, and the lender. They can be a good option for those who want to undergo surgery but prefer a payment plan to manage the cost more effectively.
Plastic Surgery Financing Options
There are several ways to finance plastic surgery.
1. Medical Loans
Medical loans (loans for medical expenses) are offered by specialized lenders that focus on healthcare financing. These loans are specifically designed for medical procedures, including plastic surgery, and typically come with flexible repayment terms. Interest rates and other specific loan terms depend on the lender and the patient’s creditworthiness.
Well-known companies like CareCredit or ALPHAEON Credit provide these types of loans.
2. Personal Loans
Personal loans (such as Discover personal loans) are another option to finance plastic surgery. These can be obtained through banks, credit unions, or online lenders. Often, getting a loan during a promotional period can give you better rates (better annual percentage rate) and lower origination fees.
These are not specific to medical procedures and can have varying interest rates based on the borrower’s credit score. Personal loans are usually unsecured, meaning no collateral is required. A credit report (usually a hard credit inquiry) will be required, and most lenders have minimum credit score requirements.
3. Major Credit Cards
Most plastic surgery practices accept major credit cards as a form of payment. This is a convenient option for patients who already have available credit.
However, it’s important to consider that credit cards may carry high interest rates, especially if the balance is not paid off quickly. Patients should weigh the benefits of using credit cards for immediate payment against the potential for long-term interest costs.
4. In-House Financing
Some plastic surgeons offer in-house financing plans. These payment options are typically arranged directly with the surgeon’s office and can include flexible payment schedules.
5. Cash (Personal Savings)
Some patients choose to pay for plastic surgery with cash if they have enough in their bank account or savings account. This can be a straightforward option, and patients won’t have to pay interest.
Some practices may offer a discount for upfront full cash payments as well. Paying with cash eliminates a lot of extra steps, having a monthly payment, and paying an origination fee. It is ideal for patients who have saved for their procedure in advance.
What About Insurance Coverage for Plastic Surgery?
Plastic surgery is typically only covered by insurance if it is deemed medically necessary.
What Does Medically Necessary Mean?
Medically necessary procedures are those that correct functional impairments or health issues, rather than being purely cosmetic. For example, reconstructive surgeries following a mastectomy or surgeries to correct breathing problems caused by a deviated septum (rhinoplasty) might be covered.
Some Surgeries Can Be Covered
On the other hand, elective procedures like breast augmentations, liposuction, or facelifts are generally not covered because they are performed for cosmetic reasons rather than medical necessity.
Patients should check with their insurance provider to determine what qualifies for coverage and what documentation is needed for approval.
FAQ: Financing Plastic Surgery
Are there any plastic surgery loans for bad credit?
If you have a poor credit history and/or poor credit score, you may be limited as to the cosmetic surgery financing companies that will provide you with a line of credit. Most companies carry a minimum credit score and other requirements, so if you don’t meet these, you may not qualify.
On the other hand, sometimes when loan amounts are low, agreed-upon monthly payments or interest rates are higher, or you have time to improve your credit score, you can still qualify. Contact the lender to learn more about loan amounts, interest rates, and requirements for credit scores and more.
Can minors get a loan for plastic surgery?
Younger patients may want to know, “How old do you have to be to get plastic surgery financing?”
In general, credit cards, personal loans, and medical loans are only for adults 18 and older. Some minors may be able to arrange something with their parents or appeal to health insurance if the procedure is for a medically necessary issue such as breathing difficulties that could be improved with rhinoplasty or back pain because of excessively large breasts, for example.
Set Up Your Consultation Today
Even if you’re not yet sure how you’ll be financing your plastic surgery, we would be happy to speak with you about your prospective procedure. At your consultation appointment, board-certified plastic surgeon Dr. Cynthia Diehl and her experienced staff can not only educate you about plastic surgery, but we can also help you figure out financing as you move ahead with surgery. Please contact our practice today to book your consultation appointment.